If you’re considering retiring overseas, you’ll need significant information. But you also want some advice on how to evaluate this information. That’s why International Living created the 2023 Annual Global Retirement Index: to assist you in the exciting process of deciding where in the world will best fit your needs.
The Retirement Index is the most in-depth and comprehensive survey of this type. It’s the best approach that exists to sort through the world’s numerous opportunities, add some structure, and help you select the perfect destination for you.
Your interests and priorities influence the best spot to live your life in retirement abroad. Some of us daydream about long walks on the beach, while others enjoy frequent nights out at the theater in a bustling metropolis.
Here are the most attractive places to live based on the cost of living against the quality of life offered, the cost and level of health care, the level of English spoken, alternatives for how to spend your time, transportation, climate, environment, safety, and the ease of obtaining legal residency.
#6 Colombia
People in this agrarian nation and culture are straightforward, willing to share, and hospitable to newcomers. To fill the gaps when English is absent, all you want is a can-do mentality and a little Spanish, especially in smaller cities.
Residents can receive low-cost, subsidized health coverage for as little as $35 per individual each month, thanks to one of the world’s top 25 healthcare systems. Also, it is not uncommon to see co-pays for doctor’s appointments and generic medications that are less than $10.
Foreign residents can now obtain visas based on their basic social security retirement income, rent received for pensions or rental houses, and a digital nomad visa, which encourages those who work from home to live a cheaper life in a more pleasant climate.
The great news about visas is that they’re now easier than ever to obtain and, thanks to a positive exchange rate, even cheaper. People who receive a social security benefit of at least $700 per month can currently apply for the pension visa. If you aren’t quite retired but have a rental income that is at least $2,500 per month, you can apply for a comparable visa in the same category.
While the cost of living has grown significantly in recent years, foreign immigrants can still live very well in upper-class regions, starting at $1,000 per month in smaller places like Manizales and Pereira as well as $2,000 per month in large cities such as Bogota and Medellin.
#5 Spain
It has beautiful weather all year, a friendly culture, an extremely relaxed way of life, and a reasonably affordable cost of living. These are only a few of the things that Spain has to offer. This country has long been a popular retirement destination for Brits, Germans, and other Western Europeans, but it is also an excellent alternative for North Americans.
The cost of living in Spain has risen in the last year, yet it remains a very affordable country. Depending on where you go, Spain can be one of the cheapest or most costly places in the Mediterranean. You can live quite comfortably on $2,000 to $2,500 per month, or approximately $28,000 per year, starting around 2022.
As with any other country, the cost of living varies according to location—the closer you are to the capital and popular tourist spots, the higher the cost. If you opt for a quieter small-town life, you can manage with $1,900 per month or roughly $23,000 per year.
Spain provides first-world infrastructure comparable to the best in the EU for relatively low prices. Everything works well in general: the tap water is potable, the electricity is always on, fast WiFi is available practically anywhere, and public areas are kept clean.
#4 Costa Rica
Foreigners continue to flock in massive numbers (nearly 10% of the country’s 5 million+ residents are expats) in search of their special place in Costa Rica. Perhaps it’s the hot climate, the beautiful nature, and landscapes, or the welcoming locals. Or it might be the abundant real estate alternatives almost everywhere habitable that are attracting so many people. Who knows. What is important is that with a cheaper cost of living, easier access to North America, and inexpensive medical care, it is no surprise that Costa Rica made it onto our list.
A couple can live well, but not extravagantly, for around $2,500 to $3,000 per month. This involves renting a two-bedroom apartment or condo with facilities typical of North America, such as air conditioning, as well as food, leisure, transportation, and healthcare. If your monthly spending exceeds $3,000, you will enjoy an even more lavish lifestyle.
If you enjoy warmer climates, the tropical beaches of Guanacaste or the lush jungles of the southern zone are perfect for you. Do you want something that has a temperate climate? The upper altitudes of San José and the Central Valley could be the best locations. This diverse country has something for everyone’s particular weather tastes, with a dozen recognized climatic regions and hundreds of microclimates.
#3 Ecuador
Ecuador is still a largely undiscovered country that has not yet been homogenized but still provides modern comforts such as high-speed internet, American dollar currency, mild weather, efficient transit systems, and affordable healthcare and housing. The inhabitants are a mix of indigenous people, people of Spanish ancestry, North Americans, Europeans, and people of various nationalities.
There are not so many countries in this world in which the cost of living is as low as in Ecuador. It all depends on your location and lifestyle, but in theory, you can comfortably live on $1,500 to $1,800 per month. For around $150,000, you can purchase a house on a Pacific Coast beach or an apartment in the Andes. Accommodations are plentiful and affordable. A two-bedroom, two-bathroom condo beginning at $500.
Larger expat communities can be found in Salinas, which has beaches lined with modern apartments; Cotacachi, a tiny, quiet village where artisans make everything from leather products to alpaca ponchos; Cuenca, the newest Andean resort town that serves as Ecuador’s cultural center, with music, art, as well as New Orleans-style architecture attracting visitors from all over the globe; and Vilcabamba, the home of the “Valley of Longevity,” known for its laid-back expats who relax outside cafés sharing ideas.
#2 Mexico
Mexico is practical. The country has numerous international airports with direct flights to the United States. If you don’t want to fly, you can drive; modern highways link Mexico to its neighbors to the north.
But roadways aren’t Mexico’s only modern feature. The country’s internet speed, electricity, and cell phone services are all reliable. Also, here you can find some of the familiar brands from back home: AT&T, Amazon, Walmart, Netflix, McDonald’s, and Costco are among the well-known names.
Over 1.6 million Americans and 500,000 Canadians now call Mexico home. Also, there are a lot of foreigners who live in Mexico part-time to avoid the snow and cold of the northern winters. More Americans live in Mexico than in any other country.
Of course, your living expenses will vary based on your location and lifestyle. A single person can live simply but comfortably for roughly $800 per month, whereas a couple opting for an extravagant life can probably spend $8,000 per month.
Living in famous tourist attractions or areas with a strong, established expat presence is often more expensive, whereas a more local lifestyle can be accessible for even those with modest means. Even in more popular areas, most couples can live well on $2,000 to $2,500 per month. That sum covers everything, including health insurance through Mexico’s IMSS national health plan.
#1 Portugal
The people of Portugal are among the nicest and most authentic in the world, and they welcome visitors with wide arms and double-cheeked kisses. Because English is taught in schools, many locals, particularly the younger population, have a solid understanding of the language.
Portugal is one of the safest counties in the world, ranking in 6th place on the Global Peace Index. Also, its medical system is both affordable and excellent, ranking 12th in the world according to the World Health Organization.
With over 500,000 expats from all over the world living in Portugal, it’s easy to blend in and hard to tell the foreigners from the natives. Making new friends is simple, especially in popular expat destinations such as Porto, the Silver Coast, Lisbon, and the Algarve.
How much money do you need to retire in Portugal? A couple can often live comfortably on $2,500 to $3,000 a month, depending on their lifestyle as well as whether they own or rent. Expect to pay more to live in Lisbon, Porto, or the Algarve, while inland regions are less costly.
You should also check out: Are You a Retiree? 8 Best US Places To Visit ASAP!
